RNS Number:9639T
European Goldfields Ltd
29 March 2007



Immediate Release                                                29 March 2007

                              European Goldfields

              Mark Rachovides Appointed as Non-executive Director

29 March 2007 - European Goldfields Limited (TSX / AIM: EGU) (the "Company") is
pleased to announce the appointment of Mark Rachovides as a non-executive
director of the Company.

Mark Rachovides, aged 44, is currently Vice President, Europe at Dundee
Resources Limited. He formerly spent 11 years at the European Bank for
Reconstruction and Development (EBRD) leaving as a Senior Banker in the Natural
Resources Team where he was responsible for mining investments. He is currently
working on a variety of projects in the Former Soviet Union (FSU) and Eastern
Europe. He is also Lead Director of High River Gold Mines Limited, a Canadian
mining company operating in Russia and Africa and until recently was also a
Director of OJSC Buryatzoloto, a mining company in Russia. He led the EBRD's
financing of several major mining projects, including the Kubaka Project in
Russia, the Zarafshan-Newmont project in Uzbekistan and the Chelopech project in
Bulgaria. He has also led oil and gas financings in the Balkans and the FSU. He
has also written a number of articles and conference presentations for the LBMA,
the World Gold Council, PDAC, the Mining Journal, the Russia-Canada mining group
and other bodies. He has twenty-two years' experience in banking and finance, an
MA from Oxford University and is an Associate of the Chartered Institute of
Bankers.

Commenting on the appointment, David Reading, Chief Executive Officer of
European Goldfields, said: "We are delighted to welcome Mark to our team. His
credentials as a specialist in our region of operations and as an investment
banker make him a strong addition to our board. Mark's reputation and experience
will be invaluable in growing our company into a mid-tier producer in South-East
Europe."

Concurrently with his appointment, the Company granted to Mark Rachovides an
option to purchase 250,000 common shares of the Company pursuant to its share
option plan. The option expires in March 2012 and is exercisable, in whole or in
part, at a price of C$5.66 per share. The option vests in three equal tranches
over a three-year period. Mr. Rachovides does not hold any common shares of the
Company. There are no other matters under paragraph (g) of Schedule 2 of the AIM
rules to be disclosed.

About European Goldfields

European Goldfields is a resource company involved in the acquisition,
exploration and development of mineral properties in Greece, Romania and
South-East Europe.

Greece - European Goldfields holds a 65% interest in Hellas Gold S.A. Hellas
Gold owns three major gold and base metal deposits in Northern Greece. The
deposits are the polymetallic projects of Stratoni and Olympias which contain
gold, zinc, lead and silver, and the Skouries copper/gold porphyry body. Hellas
Gold commenced production at Stratoni in September 2005 and selling an existing
stockpile of Olympias gold concentrates in July 2006. Hellas Gold is applying
for permits to develop the Skouries and Olympias projects.

Romania - European Goldfields owns 80% of the Certej gold/silver project in
Romania. European Goldfields submitted in March 2007 a technical feasibility
study to the Romanian government, in support of a permit application to develop
the project.

For further information please contact:
European Goldfields:                    website: www.egoldfields.com
David Reading, Chief Executive          e-mail: info@egoldfields.com
Officer
Office: +44 (0)20 7408 9534

Buchanan Communications:                e-mail: bobbym@buchanan.uk.com
Bobby Morse / Ben Willey                Office: +44 (0)20 7466 5000

Renmark Financial Communication:        
Neil G. Murray-Lyon                     e-mail: nmurraylyon@renmarkfinancial.com
                                        Office: +1 514 939 3989




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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